Ring is an NFC-enabled smart ring designed to make contactless payments effortless. Unlike other wearable payment devices, it does not require charging or pairing with a smartphone, operating solely through electromagnetic fields. This Mumbai-based startup was founded by Vijay Vasudeo Khubchandani, Mehek Savla, and Karthik Menon, who saw an opportunity to create a more discreet and intuitive alternative to wearable payment solutions like the Apple Watch. With three patented variants, 7 Ring caters to different users, with prices ranging from ₹1,500 to ₹27,000, including a premium 18-carat gold version. While the rings are made in India, the raw materials are sourced internationally.
The journey to bring 7 Ring to market was not without challenges. Initially set to launch on August 15, 2021, the company faced unexpected regulatory restrictions on Mastercard, which temporarily halted its operations. To sustain the business, the founders pivoted to offering Web3 coding services until they could resume their primary focus. Funding was another hurdle. Unlike many startups that secure large investments early on, 7 Ring raised capital through multiple smaller rounds, including ₹50 Lakhs in 2018 and ₹65 Lakhs in 2020. Their perseverance eventually led them to Shark Tank India Season 4, where they pitched their business, seeking ₹75 Lakhs for 1% equity, valuing their company at ₹75 Crores.
The pitch intrigued the sharks, but not all were convinced about the market readiness of wearable payment technology. Anupam Mittal and Aman Gupta opted out, citing concerns about adoption. However, Vinita Singh and Varun Alagh made an offer of ₹50 Lakhs for 1% equity, along with ₹25 Lakhs as a loan at 10% interest. Piyush Bansal presented a different offer of ₹75 Lakhs for 3% equity. After careful consideration, the founders accepted a combined deal from Vinita, Varun, and Piyush, who jointly invested ₹75 Lakhs for 3% equity, split as 1.5% direct equity and 1.5% advisory equity.
7 Ring operates using Near Field Communication (NFC) technology, allowing users to complete payments by simply tapping their closed fist on a compatible terminal. Its reliance on electromagnetic fields eliminates the need for charging, making it a truly hassle-free wearable. Beyond payments, the ring also functions as a metro card, expanding its practical applications. With the rising demand for contactless transactions, 7 Ring is well-positioned to lead the evolution of wearable fintech in India. Despite early roadblocks, the founders’ resilience and strategic pivoting have set them on a path to success, proving that innovation and persistence go hand in hand
